Guatemala Currency Guide: Explore with the Guatemalan quetzal
A Comprehensive Resource for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Guatemala with the Guatemalan quetzal
What's in this Guatemala currency guide?
What currency is used in Guatemala?
The official currency of Guatemala (country code: GT) is the Guatemalan quetzal, with symbol Q and currency code GTQ.
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Frequently Asked Questions
What currency should I use in Guatemala?
The domestic currency in Guatemala is the Guatemalan quetzal.
What is the Guatemalan quetzal currency code and symbol?
The three letter currency code for the Guatemalan quetzal is GTQ — symbol is Q.
What doe the Guatemalan quetzal look like?
Here is an example Guatemalan quetzal banknote:
Which countries use the Guatemalan quetzal?
It is the domestic currency in Guatemala.
Is the Guatemalan quetzal a closed currency?
No, the Guatemalan quetzal is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and GTQ?
Here are some popular conversion amounts for USD to GTQ (US dollar to Guatemalan quetzal)*.
*Converted at the current USDGTQ interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Guatemala
Using Wise for Guatemalan quetzal travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Guatemalan quetzal otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Guatemalan quetzal cash before departure, you can save money by ordering online. You generally get better rates and can pick up the GTQ cash locally or even on travel day at the airport.
Guatemala: Travel Guide
Guatemala is a country located in Central America, known for its rich culture, history, and natural beauty. It's a popular destination for tourists and expats, offering a wide range of experiences, including ancient Mayan ruins, colonial architecture, and vibrant indigenous cultures.
Tourism is a major industry in Guatemala, with many visitors coming to explore the country's ancient Mayan ruins, such as Tikal, the most famous Mayan site in Guatemala. The country also has a rich colonial history, with many well-preserved Spanish colonial-era towns and cities, such as Antigua and Quirigua.
Guatemala is also known for its vibrant indigenous cultures, with many traditional textiles, ceramics, and other crafts produced by local artisans. Visitors can experience the local culture and traditions by visiting indigenous villages and markets, or by participating in traditional festivals and ceremonies.
The country is also renowned for its natural beauty, with many national parks, volcanic landscapes, and beautiful lakes and rivers. Visitors can explore the natural scenery by hiking, climbing, and bird-watching, and to take part in outdoor activities such as white-water rafting and kayaking.
USD/GTQ Market Data
The below interactive chart displays the USD/GTQ change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Guatemala - Best Rates
To get a good (and fair) exchange rate when sending money to Guatemala you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Guatemala
When sending money to Guatemala it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Guatemalan quetzal amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted GTQ amount will be transfered to the recipient account you specify in Guatemala.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Guatemalan quetzal deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Guatemala
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Guatemalan quetzal currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the GTQ exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Guatemalan quetzal bank account: A local GTQ bank account can make it easier for you to manage your finances and pay bills while you are in Guatemala. It may also be more convenient to use a local GTQ bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Guatemala. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Guatemala. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Guatemala, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Guatemala.
Expat life in Guatemala
Guatemala has a relatively low cost of living, which makes it a popular destination for expats. The country has a developing economy and is growing as an outsourcing destination and in the agricultural, mining, and manufacturing sectors. The official language is Spanish, but many people also speak indigenous languages, and it's common to find people speaking English as well.
Overall, Guatemala is a fascinating and welcoming destination for travelers and expats, offering a rich culture, history, and natural beauty, as well as good quality of life at a relatively low cost.
